Cyber Insurance – A Rescuer

#FocusOnBestPractices

Cyber Insurance – A Rescuer

#FocusOnBestPractices

Why Worry About Digital Loss?

Data/Information breaches and other digital wrongdoings are becoming very common nowadays. In the past couple years, data/information breaches have brought about real fines and lawful charges along with the headaches. The issue is faced by everyone including a retail chain, banks, an entertainment company and even the government organizations
However, it is not just big companies that are susceptible to being hacked or getting a virus. Even the small businesses are facing a huge challenge in the data theft. There are around 55% of small companies have been facing the data theft and around 53% of companies have faced data theft issues multiple times.

An information theft or breach can harm something beyond the company PC network. Thus, “Cyber Insurance” comes into the picture. It is a precaution for any kind of business.

Digital Protection:

Digital protection by and large covers the liability of business that is caused by data breach/theft including confidential client data, for example, Social Security numbers, credit card numbers, account numbers, driving license numbers and medical records.

General Insurance Cover:

General insurance covers bodily wounds and property damage resulting from the items, operations or services. Normally General insurance doesn’t include Cyber insurance.

Cyber Insurance Cover:

Normally, Cyber insurance cover the following,

  • Expenses related to Legal including legal fees
  • Restoring personal information of the customer.
  • Recover compromised information.
  • Repairing damaged devices & computers.

Most of the countries expect organizations to inform the clients about a data breach/theft including personally identifiable information, a process that can be exceptionally costly.

Digital Protection offered by different Cyber Insurance Companies:

Some of the Cyber insurance policies offered by different companies are,

  • Data compromise protection Insurance: It normally includes credit monitoring and services provided by a PR firm.
  • Identity recovery protection Insurance: It helps victims of identity fraud to restore their credit history.
  • Insurance for Virus affected loss: It protects the business against damages that are caused by a virus or a computer attack. It also helps with the cost of restoring and recreating data.

Need for the Cyber Insurance Cover:

In short, each & every serious business should have their data related risks covered by cyber insurance, that will help them in bad situations and enhance their reputation in the market.

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